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SALT LAKE CITY - Palladyne AI Corp. (NASDAQ: PDYN), a company specializing in artificial intelligence software for robotic platforms with a market capitalization of $262 million, has announced the appointment of Michael Young to its Board of Directors, effective February 24, 2025. According to InvestingPro data, the company maintains impressive gross profit margins of 48.22% despite currently trading below its Fair Value. Young, a former senior executive with over 35 years of experience at Caterpillar (NYSE:CAT) and Dell (NYSE:DELL), is poised to contribute his extensive industry knowledge and connections to Palladyne AI’s strategic growth.
Young’s notable career includes over 17 years at Caterpillar, where he spearheaded Caterpillar Ventures and led the company’s mergers and acquisitions activities across Asia Pacific. His tenure at Caterpillar saw him directing investments in over 30 companies, focusing on sectors such as energy, electrification, autonomy, robotics, and digital solutions. Prior to his time at Caterpillar, Young held various roles at Dell Computer, including Chief Financial Officer for the China and Hong Kong business. His appointment comes at a crucial time for Palladyne AI, which has seen its stock surge over 480% in the past six months.
Ben Wolff, President and CEO of Palladyne AI, expressed confidence in Young’s ability to add value to the company’s global deployment of its AI software platform for robotics. Young himself shared his enthusiasm for joining the board during a pivotal time for Palladyne AI as they commercialize their AI solutions and initiate deployments.
Young will be taking over from Laura J. Peterson, who is retiring from the Board following the expiration of her term as the company’s Executive Vice Chair on February 23, 2025. Peterson has been a significant presence at Palladyne AI, having served in various roles, including interim President and CEO, and her contributions have been acknowledged by Dennis Weibling, Chairman of Palladyne AI.
Palladyne AI’s software is designed to empower robots to autonomously maneuver and manipulate objects with human-like intelligence. The company’s AI and ML software platform operates on the edge and aims to reduce the complexity of programming and deploying robots. The technology is expected to have broad applications across multiple industries, including automotive, aviation, construction, defense, manufacturing, and logistics. With the company’s next earnings report due on February 28, 2025, InvestingPro subscribers can access 15+ additional exclusive tips and detailed financial metrics to make informed investment decisions.
This announcement is based on a press release statement from Palladyne AI Corp.
In other recent news, Palladyne AI Corp. disclosed a cash position of approximately $40 million, including $23.3 million from recent equity financings. The company is also in the process of selling additional shares under a new prospectus supplement to raise up to $30 million more. Furthermore, Palladyne AI has been awarded a contract by the Air Force Research Laboratory to adapt its Pilot AI software for new U.S.-made AI chipsets, a project expected to enhance the software’s compatibility with small drone platforms. In partnership developments, Palladyne AI and Red Cat Holdings have expanded their collaboration, focusing on joint sales and marketing initiatives for deploying Palladyne’s AI software on Teal drones. This partnership follows Red Cat’s recent contract with the U.S. Army for its Short Range Reconnaissance Program of Record. Additionally, Palladyne AI has signed a new employment agreement with CEO Benjamin Wolff, extending his tenure through 2027 with revised compensation terms. These developments reflect Palladyne AI’s ongoing efforts to strengthen its financial and operational strategies.
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